The figure read Rs 2,593 crore as against a profit of Rs 2,020 crore in the year-ago quarter.
Global brokerage firm CLSA maintained ‘Buy’ on L&T with a target price of Rs 1,730, indicating an upside of 33 per cent against the previous close of Rs 1,298.35 on the BSE. The scrip was 6 per cent up at Rs 1,377.35 in early session on Thursday.
“Execution pickup without balance-sheet sacrifice was commendable. Hydrocarbon remains star business and return on equity (RoE) crosses 15 per cent after six years,” said CLSA.
The company’s revenue jumped 21 per cent to Rs 32,081 crore during the quarter under review.
Investec also retained ‘Buy’ rate and revised the target price upwards to Rs 1,725 from Rs 1,620 earlier.
Investec added that the company reported stellar result and ticked all boxes in Q2. “Guidance is likely to be met on all fronts,” said Investec.
Macquarie also maintained ‘Outperform’ rating and raised the target price to Rs 1,880 from Rs 1,825 earlier.
“Revenue growth shifted into next gear, led by sharply better infrastructure order execution. Margins and order inflows have potential to surprise positively on guidance,” said Macquarie.
Infrastructure segment secured orders of Rs 23,406 crore during the September quarter, a 69 per cent rise over the year-ago quarter.
JP Morgan also maintained ‘Overweight’ on Larsen & Toubro with a target price of Rs 1,570. “Large top line beat led by strong execution in flagship infra segment and core business overall. Working capital not deteriorated, despite strong pick-up in execution,” JP Morgan said.